Real estate markets in multiple cities show "small spring" momentum with hot projects "selling out at launch"

Source: Securities Daily Author: Chen Xiao

Since March, the real estate market in many cities has gradually shown signs of a “small spring,” with many hot projects selling well immediately after opening, and market sentiment significantly improving compared to the beginning of the year. Developers are accelerating their pace of launching new projects to seize the window of opportunity and speed up sales and cash flow.

Specifically, Beijing’s new home market was the first to show signs of warming. On March 22, Beijing Construction Engineering Group Co., Ltd. jointly launched the Jiatang Jingyue project, selling 266 units on the opening day.

A real estate agent from Lianjia told Securities Daily that the project offered about 400 units, and more than 500 groups of bookings had been made before the opening. “Smaller units around 100 square meters sell faster, and buyers are more actively entering the market.”

On March 20, a reporter from Securities Daily visited the sales office of China State Construction·Guoxianfu PARK project, which had not yet opened. The office was bustling with people, the consultation area was full, and some people were waiting in line to enter the showrooms. “The project is preparing to open, and recent visitor numbers have increased significantly. It’s also busy on weekdays,” a sales staff member said.

The high-end market in Shenzhen continues to perform strongly. In March, the Shenzhen Bay Yunxi project, jointly developed by China Resources Land Limited and China Overseas Property Development Group, opened for the second time and experienced another wave of sales. The project has achieved total sales of over 23.9 billion yuan in four months since its launch.

The Shanghai market also has notable highlights. In mid-March, China State Construction’s Yipin·The Bund Yuanjing project achieved 900 million yuan in sales during its second opening, setting a new sales record for landscape-type products within 48 hours. The second batch of units at Zhonghuan Luydao project sold out immediately upon launch.

From the data perspective, market enthusiasm is gradually increasing. According to CRIC Research Institute, in the 12th week of 2026 (March 15–21), new home transactions in 30 cities totaled 2.48 million square meters, a 15.9% increase week-on-week. Among them, Beijing’s new home transactions increased by 31.7% week-on-week, the highest among first-tier cities; second-tier representative cities such as Chengdu, Hangzhou, and Suzhou saw significant transaction volume increases, with 1.47 million square meters sold, up 30.1% week-on-week.

Looking at a longer time frame, the upward trend becomes even clearer. Since March 1 to March 21, the new home transaction area in 30 cities has increased by 101.4% compared to the previous period, doubling in size, indicating a rising market heat.

Signals of recovery are also evident in the second-hand housing market. CRIC Research Institute data shows that in the 12th week of 2026, 36,003 second-hand homes were sold in 20 cities, an 11.3% increase week-on-week. Among them, Beijing’s second-hand home transactions increased by 19.7% week-on-week and 13.7% year-on-year. Overall, since March, second-hand home transactions in 20 cities increased by 90.3% week-on-week, with activity significantly rising.

Meanwhile, inventory pressures in key cities have eased. CRIC data shows that Shenzhen’s available new home area decreased by 3.5% week-on-week, with a fast clearance rate among first-tier cities. Some second-tier cities also saw inventory declines, indicating improved market absorption capacity.

On the policy front, signals to stabilize the housing market continue to be released. For example, Shanghai has lowered the down payment ratio for commercial properties to 30%, Nanjing is providing interest subsidies for home replacement, and cities like Shenzhen and Shenyang are optimizing housing provident fund policies to promote demand release through multiple measures.

Overall, since March, the real estate market has shown features of “rising transactions and accelerated project launches.” Yan Yuejin, Deputy Director of the E-House Research Institute, told Securities Daily that with continued policy support and the concentration of high-quality projects entering the market, the market enthusiasm in core cities is expected to persist. However, differentiation among cities and projects will continue, and a full industry recovery will still take time.

(Edited by: Wen Jing)

Keywords: Housing Market